CAPIS - Capital Institutional Services Inc.

09/09/2024 | Press release | Distributed by Public on 09/09/2024 12:32

CAPIS Morning Note – 9/9/24: Stocks Rebounding From Friday Sell-off. Can It Last? Apple Holds Product Day.

Overnight Summary: The S&P 500 closed Friday lower by -1.73% at 5408.42 from Thursday lower by -0.30% at 5503.41. The overnight high was hit at 5,463.75 at 6:15 a.m. EDT and the low was hit at 5405.25 at 6:05 p.m. EDT. The overnight range is 58 points. The current price is 5455.25 at 7:00 a.m. EDT higher by +35.75 points.

Most Important Article Of the Morning: Trump’s Best Idea: Unleashing Elon Musk On Government. (WSJ)

Executive Summary: Stocks are rebounding after a Friday sell-off. We will see how long it holds. Apple holds their annual product day. Watch how it trade after 1:00 p.m. EDT.

  • 3 & 6 month auction at 11:30 a.m. EDT.
  • Consumer Credit out at 3:00 p.m. EDT.

Earnings Out After The Close: 

  • Beats:  Noneof note.
  • Flat: 
  • Misses: None of note.
Capital Raises:
  • IPOs For The Week: BCAX, CUPR, FLAI, KAPA, TDTH, YMAT, ZBIO,
    ZSPC 
  • New IPOs/SPACs launched/News:
  • IPOs Filed/Priced:
  • Secondaries Filed or Priced:
    • ONEW files $250 mln Class A common stock offering
    • OHI enters into an “at-the-market” equity offering sales agreement for $1.25 bln common stock offering
  • Notes Priced:
  • Direct Offering:
  • Exchangeable Subordinate Voting Shares:
  • Selling Shareholders of note:
    • JOBY files for 3,320,235 shares of common stock offering by selling shareholder
    • AVAH files for 54,431,349 shares of common stock offering by selling shareholders
  • Debt/Credit Filing and Notes:
  • Mixed Shelf Offerings:
    • SYRE files mixed shelf securities offering
    • HQY files mixed shelf securities offering
    • AVAH files $400 mln mixed shelf securities offering
    • AJX files $400 mln mixed shelf securities offering
    • PANW files mixed securities shelf offering
  • PIPE:
  • Convertible Offering & Notes Filed:
  • Capital Raise Summary From The TradeXchange, bringing traders and investors real time news and Squawk Box, and other sources.

Biggest Movers Up & Down Last Week:

  • Movers Up: ATRA (9.58 +26.05%), INSP (198.2 +10.22%), AUPH (7.35 +7.93%), AGX (87.54 +10.38%), NX (30.19 +9.27%), NIO (5.05 +24.88%), GIII (32.28 +21.95%), NWL (7.59 +6.98%), SATS (22.69 +22.38%), GWRE (161.37 +8.47%), SMAR (52.43 +7.43%), RILY (5.51 +12.11%).
  • Movers Down:CRBP (50.63 -17.24%), NVRO (5.15 -16.8%),  HBM (6.81 -16.54%), REVG (25.13 -21.09%), IEP (10.49 -20.95%), MOV (18.73 -21.5%), DLTR (66.75 -21%), GRPN (11.04 -20.4%), MOD (98.21 -19.2%), IRBT (5.95 -18.72%), CLS (41.01 -19.47%), SEDG (19.72 -18.95%), DAKT (11.84 -18.06%), ELF (123.47 -17.57%)

News After The Close :

    • WYNN enters into a non-prosecution agreement with US Atty office and DOJ resolving previously-disclosed investigation into various transactions; Wynn Las Vegas agreed to forfeit $130 mln in funds.
    • Index Changes: S&P 500 Additions PLTR DELL ERIE replacing AAL ETSY BIO. AAL BIO move into S&P 400 replacing TGNA ERIE. ETSY TGNA which move into the S&P 600 replacing HVT DBI.
    • More Index Changes: Into the S&P 400 CNH WAL PSN HLNE VNOM FN to replace MP PGNY ADNT WOLF HELE ZD. The following move into the S&P 600 MG PGNY ADNT WOLF HELE ZD replacing CVGW EHAB MERC CMP DDD FN.
    • More Index Changes: Into S&P 600 ZWS  YOU TGTX INSP CSWI ADMA PI to replace CHCT VREX DIN NUS AMCX ZEUS RILY.
    • Barron’s + on CASY DUK FYBR  and +/- on META.
    • 10-Q or 10-K Delays –  None of note.
    • NASDAQ Delisting Notice – None of note.

Buybacks or Repurchases: Buybacks should be slow as most companies are in a blackout period as earnings season kicks into gear.

  • None of note.

Exchange/Listing/Company Reorg and Personnel News:

  • DRQ completes its previously announced merger with Innovex Downhole Solutions; Innovex International to begin trading on NYSE under symbol (INVX) today.
  • HII  announces that Amy Boyette, a former DOE official has joined the co’s Nuclear and Environmental Services group as VP of strategy and integration.
  • WEN  names Arthur Winkleblack as non-executive Chairman, succeeds Nelson Peltz, who has been named Chairman Emeritus.

Dividends Announcements or News:

  • Stocks Ex Div Today: GOOGL GOOG BLK CME FDX BDX SPG PEG FSUGY EDU LANC MPW
  • Stocks Ex Div  Monday: ELV TRV ROST OXY FIS PPL ZTO VFC UMBF YOU KTB TFSL CNO VCTR VSH CASH

What’s Happening This Morning: Futures S&P 500 +35 NASDAQ 100 +141, Dow Jones+264 Russell 2000 +4.09. Asia is lower ex China and Europe is higher this morning.VIX Futures are at 19.90 from 19.60 Fridaywhile Bonds are at 3.75% from 3.704% on the 10-Year. Crude Oil and Brent are higher with Natural Gas lower. Gold, Silver and Copper are higher for a second day. The U.S. Dollar is higher versus the Euro, higher versus the Pound and higher against the Yen. Bitcoin is at $55,247 from $56,044 higher by +1.63% this morning.

Sector Action – (1/3/6/12/YTD Updated Weekly with Monday release):  
  • Daily Positive Sectors: None of note.
  • Daily Negative Sectors:  Communication Services, Consumer Cyclicals, Technology and Financials of note.
  • One Month Winners: Financials, Healthcare, Technology, Consumer Defensive, Real Estate, Consumer Cyclicals and Utilities Industrials of note.
  • Three Month Winners: Technology, Real Estate, Utilities, Financials, Consumer Defensive, Healthcare of note.
  • Six Month Winners: Utilities, Technology,Consumer Defensive, Real Estate, Financials and Communication Services of note.
  • Twelve Month Winners: Technology, Communication Services, Financials, Industrials, Utilities, Consumer Defensive and Healthcare note.
  • Year to Date Winners: Technology, Communication Services, Utilities, Financials, Consumer Defensive and Healthcare of note.

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Monday After the Close: 
  • Tuesday Before The Open: None of note.

Earnings of Note This Morning:

  • Beats: None of note.
  • Flat:
  • Misses: Noneof note.
  • Still to Report:

Company Earnings Guidance:

  • Positive Guidance: None of note.
  • Negative or Mixed Guidance: Noneof note.

Advance/Decline Weekly Update With Both Daily and Weekly Stats: The weakness continued last week.

Gap Ups & Down In Early Pre-Market (+2% or down more than -2%):

  • Gap Up: SMMT +49.2%, SVRA +9.5%, MGNX +7.1%, BITF +5%, IMVT +4.6%, PL +4.5%, ZH +4.4%, NUVL +3.4%, NTRA +3.1%
  • Gap Down:CCCC -17%, MEOH -6.3%, MRK -4.5%, AVAH -3.7%, SYRE -3%

Insider Action: None of note see Insider buying with dumb short selling.  None of note see Insider buying with smart short sellers.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

  • Pre-Market Movers: BA DELL MRK  (CNBC)
  • Bloomberg Lead Story: Bond Market Rally Rides on How Fast Fed Cuts Rates. (Bloomberg)
  • Markets Wrap: Stocks claw back losses with Fed rate path in play. (Bloomberg)
  • Norfolk Southern (NSC) Board probing CEO Alan Shaw for workplace relationship. (CNBC)
  • Treasury Secretary Yellen says economy remains strong. (CNBC)

Economic:

  • Consumer Credit for July is out at 3:00 p.m. EDT and expected to rise to $11.5 billion from $8.9 billion.

Geopolitical:

  • President Biden receives the Daily Briefing at 1:15 p.m. EDT.
  • President Biden delivers a speech on the South Lawn at 5:00 p.m. EDT on ADA.

Federal Reserve Speakers

  • Federal Reserve speakers are in blackout period this week and through next Wednesday.

M&A Activity and News:

Moving Averages On Major Indexes: Remains at 23% of the moving averages being positive.

Meeting & Conferences of Note:

    • Sellside Conferences:
      • Barclays Global Financial Services Conference
      • Goldman Sachs Communacopia + Technology Conference
      • Piper Sandler Growth Frontiers Conference
      • Wainwright Global Investment Conference
    • Fireside Chat: None of note.
    • Top Shareholder Meetings: DECK, MPLN
    • Investor/Analyst Day/Calls: AAPL, ANRO, AVBP, CSCO, IMVT, LBTYA
    • Update: None of note.
    • R&D Day: None of note.
    • FDA Presentation:
      • ESMO Abstract Release
      • GOSS: Data Presentation on Seralutinib
      • LBPH: Data Presentation on Bexicaserin
      • MAIA: Data Presentation on THIO
      • ITRM: PDUFA Date for Sulopenem
    • Company Event:
    • Industry Meetings or Events:
      • Apple Event
      • ERS International Congress
      • NY Fashion Week
      • Oracle CloudWorld
      • Quantum World Congress
      • RE+ Solar Industry Event
      • World Conference on Lung Cancer

Top Tier Sell-side Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. None of these recommendations should be interpreted as actual recommendations from CAPIS or its employees.

Upgrades: WMMVY TVTX TCBI HZO EXLS CLS

Downgrades: PPRUY CCSI